Ocean Specialty To Charter U.S.-Flag Product Carriers From OMI, Hvide Shipping

Ocean Specialty Tankers Corporation (OST), a newly formed Houston- based company, recently announced an agreement in principal to long term charter three modern U.S.-flag parcel vessels from OMI Corporation and Hvide Shipping, Inc.

The vessels, OMI Dynachem, OMI Hudson and Seabulk Magnachem, are all in the 40,000 to 50,000 deadweight tonnage range. It is planned that OST will acquire certain assets and business interests from Seabulk Ocean Systems Corporation, an Hvide Shipping affiliate, and OMI Corp., and will expand on existing bulk liquid parcel services to U.S. East and West Coasts. Additionally, OST has agreed to charter the Seabulk America, which is expected to undergo reconstruction shortly in a U.S.

shipyard. The Seabulk America will add 41,000 deadweight tons of new capacity to the Jones Act parcel trade. The unique aspect of the Seabulk America is that she has a significant amount of stainless steel capacity.

OMI Inc. is a publicly held major bulk shipping company operating in both the international and U.S.

domestic markets.

Hvide Shipping, Inc., is a privately held U.S. flag owner and operator with significant interests in the shipping industry.

Maritime Reporter Magazine, page 14, Apr 1989

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.